Its an interesting thought; certainly early merchant capitalism (of the sort tracked by Braudel) was city-state based.... and when we look at the mosaic of pre-national Italy, the states were nodes with hinterlands that supported them....
In the UK, one could see a devolution (which is sort of already being posited) towards areas with metropolitan centres started to move a little in that direction - all will depend on the control of fiscal powers, of course